NFT Investments PLC (AQSE:NFT) invested US$1mln into a production company which exclusively bankrolls its projects via non-fungible tokens (NFTs).
The production company, NFT Studios, is run by Hollywood producer Niels Juul, who is presently involved with the latest movies from Martin Scorsese and Michael Man, and has so far secured a number of projects which will be offered to a community of NFT stakeholders.
These NFT-backed Hollywood movies will subsequently be offered to theatrical and streaming distributing partners around the world, the company said.
AIM-quoted NFT Investments is providing additional funding lines to NFT Studios, if necessary, to help secure new content for future offerings to the NFT funding community.
"I am delighted to announce our funding and partnership with Niels Juul and his NoFatEgo team at NFT Studios, and to be part of the first feature film intended to be solely funded by minting NFT tokens,” said Jonathan Bixby, NFT Investments executive chair.
“The funding of a new feature film like 'A Wing and a Prayer' with NFTs will revolutionise thinking around the production of new film and media content in the future and NFT Studios is set to play a leading role.
“I see tremendous appetite from NFT investors in a product like this."
The first NFT-funded movie from NFT Studios will be 'A Wing and a Prayer' which will be produced by Juul. It will be filmed in Malta and London starting April and is supported by Sky TV as a distribution partner. Casting for the movie is expected to be announced ahead of the Berlin Film Festival in February.
“We are in the middle of great transition in the entertainment business where traditional ways of film funding and ownership are being uprooted due to the rapid rise of streamers and other digital platforms,' Juul said in a statement.
"We want to help stimulate the entire movie-making industry at all levels and offer an innovative and more effective way for screenwriters in particular to regain control of their work.
“We are developing a new creative platform with a direct connection to participating and investing audiences around the globe. I look forward to working with Jonathan Bixby and his team to make NFT Studios a great success and true innovator in Hollywood and beyond."